Felix Pinkston
Sep 5, 2024 06:24
BNB Chain has launched a $300,000 TVL#4 incentive program to encourage DeFi growth. Projects can compete in staking and TVL challenges.
BNB Chain has announced the launch of the BNB Chain TVL#4 Incentive Program, a new initiative aimed at accelerating the growth of the decentralized finance (DeFi) ecosystem on the platform. According to the BNB Chain Blog, the program features a total prize pool of up to $300,000, incentivizing projects to expand their total locked value (TVL) and participate in staking challenges.
Program Structure
The TVL#4 incentive program is divided into two main parts:
- Part A: BNB Staking Challenge The total prize pool is $100,000.
- Part B: TVL Challenge The prize pool, including all assets, amounts to $200,000.
Both challenges provide a significant opportunity for DeFi platforms to innovate and compete for significant rewards. Registration for the program opened on September 5, 2024 and will continue until the end of the event.
Part A: BNB Staking Challenge
Event Timeline
- Challenge Period: 12 September 2024 00:00 UTC – 11 October 2024 23:59 UTC
- Winner Announcement: October 13, 2024
This challenge is open to all DeFi platforms that support BNB staking. Participants will be ranked based on their performance in increasing their locked BNB during the event period. The top 3 performers will receive the following rewards:
| Top 1 | 50 thousand dollars |
| Top 2 | 30 thousand dollars |
| Top 3 | $20,000 |
How to participate
To participate in Part A, projects must fill out a registration form during the application period, providing details such as project name, chain (opBNB or BSC), Defilama link, and all contract addresses.
Part B: TVL Challenge
Event Timeline
- Challenge Period: 12 September 2024 00:00 UTC – 11 October 2024 23:59 UTC
- Winner Announcement: October 12, 2024
This challenge is open to all DeFi projects deployed on opBNB or BSC. Projects will compete based on the incremental TVL they generate during the event. The prize pool will be dynamically unlocked based on the total TVL growth of all participants, with a maximum prize pool of $200,000.
How it works
The dynamic prize pool formula is: Prize Pool = $200K * (Total TVL Increase / $80M)For example, if your TVL increases by 80M, $200K will be unlocked, and if your TVL increases by 20M, $50K will be unlocked.
How to participate
To participate in Part B, projects must fill out a registration form during the application period, providing details such as project name, chain (opBNB or BSC), the challenge part they are participating in, Defilama link, and contract address.
Additional details and terms
Participants must submit an application via the form provided. Projects registered in TVL#3 will automatically be registered in TVL#4. Rewards will be distributed in two installments, with 50% of the rewards paid out within two weeks after the end of each epoch, and the remaining 50% distributed around November 20th, if certain conditions are met.
The BNB Chain Core Team reserves the right to disqualify projects that use illegal bulk wallet addresses or exhibit fraudulent behavior. They also reserve the right to modify or cancel the program at any time without prior notice.
Participation in the BNB Chain TVL Incentive Program is voluntary, and eligible projects must agree to additional terms and conditions to participate in the program. Participation by the BNB Chain core team does not imply endorsement of third-party projects.
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